Plumbing problems can be challenging for homeowners.
One of the worst is a broken boiler.
So, can you sell a house with this issue?
Or do you always need to fix it first?
Read on to find out.
Broken boilers
Broken boilers no longer provide hot water or heating – or they provide it inconsistently.
They not only make life uncomfortable; they might also be considered unsafe.
Common signs include leaks or strange noises from the boiler. There may also be unexpectedly high usage levels (seen in bills).
Selling a home with a broken boiler
You can sell your house even if it has a broken boiler.
But it is a significant issue. And it will lower your Energy Performance Certificate (EPC) score.
So, make your potential buyers aware of the situation during viewings and negotiations.
And mention it during viewings and put it in writing in the TA6 form. Failure to do so is against the law and gives your buyer grounds to sue.
Getting a mortgage for a home with a broken boiler
The buyer’s lender and insurer will want to know about a broken boiler.
It’s unlikely the latter refuse to offer a mortgage on a house with a broken boiler.
But, it could influence their valuation of the house, and thus the amount they’ll lend the buyer.
Sometimes, a lender will demand that the boiler is fixed before the purchase takes place.
Broken boilers’ impact on house value
In theory, it should only decrease your selling price by the amount it costs to replace the boiler. Typically, it’s around £4,000.
However, in reality, buyers will often request that more be taken off.
In a worst-case scenario, where safety is a concern, a reduction of 5% or 10% is possible.
Your buyer will also want to get a survey completed on the boiler. This may include an expert reviewing the matter.
This provides them with a detailed report of what’s wrong, how it can be fixed, and the associated costs. This gives clarity to everyone involved, including lenders.
Repairing broken boilers before selling homes
It’s up to you whether you fix a broken boiler before selling your home.
If you have the time and funds to do this, it’s usually worth fixing it.
On the other hand, if you don’t have the money to do this, you can price your property lower.
If time is your main issue, it’s worth considering an auction or cash-buying company (like We Buy Any Home).
